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Riverview Rubber Estates Q3 profit climbs 30.1% YOY

Riverview Rubber Estates Bhd. said its normalized net income for the third quarter was 4 Malaysian sen per share, an increase of 30.0% from 3 sen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.3 million ringgits, an increase of 30.1% from 1.8 million ringgits in the prior-year period.

The normalized profit margin climbed to 29.1% from 20.0% in the year-earlier period.

Total revenue decreased 10.8% on an annual basis to 7.9 million ringgits from 8.8 million ringgits, and total operating expenses fell 27.2% on an annual basis to 4.2 million ringgits from 5.8 million ringgits.

Reported net income rose 17.3% from the prior-year period to 2.9 million ringgits, or 5 sen per share, from 2.5 million ringgits, or 4 sen per share.

As of Oct. 24, US$1 was equivalent to 4.17 ringgits.